事件：赛特新材发布 2025 中报。公司 2025H1 实现营收 4.69 亿元，同 比增长 3.7%，实现归母净利润 1210 万元，同比下滑 77.66%，其中政府 补助等非经常性损益金额 211 万元，同比减少 33.12%，扣非后归母净利 润 1000 万元，同比下滑 80.41%。单 Q2 公司取得收入 2.23 亿元，同比 窄幅下跌 2.51%，实现归母净利润 234 万元，同比下降 90.81%，扣非后 归母净利润 122 万元，同比下降 94.82%。 上半年真空绝热板量增价减持续演绎，内销收入及占比快速提升。分产品 来看，2025H1 赛特新材真空绝热板收入 4.52 亿元（占公司总营收比重的 96.47%），同比增长 1.78%，考虑上半年公司产品价格降幅较大，推测主 要系订单量的明显增长对冲价格下行，且除了家电方向的需求增长外，公 司在新能源汽车动力电池保温方向亦获取了少量订单，产品应用面进一步 丰富；保温箱产品收入 1308 万元（占公司总营收的 2.79%），同比大幅增 长 229.64%，公司凭借轻质芯材 VIP 的应用，在保温箱、托盘箱等获得更 多客户青睐，本报告期该产品收入增长 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 08 27 年 月 日 朝闻国盛 央地财政关系的历史、现状和前景分析 今日概览 重磅研报 【固定收益】央地财政关系的历史、现状和前景分析——20250826 研究视点 【有色金属】锑：7 月供应大幅下滑，锑品出口收紧或接近尾声—— 20250826 【计算机】寒武纪-U（688256.SH）-时代的主角，利润率大超预期—— 20250827 【计算机】中科创达（300496.SZ）-AI 端侧成为重要成长动力，智能软 件与汽车业务提供稳健基本盘——20250827 【环保】聚光科技（300203.SZ）-业绩短期承压，高端科学仪器发力在 即——20250827 【食品饮料】今世缘（603369.SH）-充分释压，行稳致远——20250827 【建材】赛特新材（688398.SH）-国内市场价格和盈利阶段性承压，新 国标或带来显著订单增量——20250827 【食品饮料】农夫山泉（09633.HK）-龙头强势恢复，业绩表现亮眼—— 20250827 【环保】华宏科技（002645.SZ）-利润大幅增长，稀土价格回升&新增 产能提升盈利弹性——202 ...

核心产品产销量创新高，新应用拓展持续推进 25H1 公司真空绝热板实现收入4.52 亿元，同比+1.78%，产销量创历史新高；实现保温箱销售收入0.13 亿元，环比、同比均增长。上半年"赛特真空产业制造基地（一期）"已基本完成1 号厂房、办公楼、宿 舍楼等主体工程建设，公司持续优化生产效率与产品良率，新建产能得到较充分的释放。 上半年公司收入维持稳健增长，利润端则表现欠佳公司发布25 年中报，上半年实现收入/归母净利润 4.69/0.12 亿元，同比+3.7%/-77.66%，实现扣非归母净利润0.1 亿元，同比-80.41%。其中Q2 单季度实现 收入/归母净利润2.23/0.02 亿元，同比-2.51%/-90.81%，扣非归母净利润0.01 亿元，同比-94.82%。公司 上半年盈利水平下降的主要原因系： 1）真空绝热板产品销价整体下降，部分原材料价格上涨等原因导致单位直接材料成本增加；2）因经营 规模扩大、管理人员薪酬增加、折旧及摊销增加等导致管理费用比上年同期增加；3）公司可转债计提 利息同比增加。 以旧换新+新能效标准保障下游需求，维持"买入"评级25 年7 月，国家发展改革委下达今年第三批 69 ...

公司报告 | 半年报点评 赛特新材（688398） 证券研究报告 Q2 业绩继续承压，以旧换新+新能效标准保障下游需 求 上半年公司收入维持稳健增长，利润端则表现欠佳 公司发布 25 年中报，上半年实现收入/归母净利润 4.69/0.12 亿元，同比 +3.7%/-77.66%，实现扣非归母净利润 0.1 亿元，同比-80.41%。其中 Q2 单 季度实现收入/归母净利润 2.23/0.02 亿元，同比-2.51%/-90.81%，扣非归母 净利润 0.01 亿元，同比-94.82%。公司上半年盈利水平下降的主要原因系： 1）真空绝热板产品销价整体下降，部分原材料价格上涨等原因导致单位直 接材料成本增加；2）因经营规模扩大、管理人员薪酬增加、折旧及摊销增 加等导致管理费用比上年同期增加；3）公司可转债计提利息同比增加。 核心产品产销量创新高，新应用拓展持续推进 25H1 公司真空绝热板实现收入 4.52 亿元，同比+1.78%，产销量创历史新 高；实现保温箱销售收入 0.13 亿元，环比、同比均增长。上半年"赛特真 空产业制造基地（一期）"已基本完成 1 号厂房、办公楼、宿舍楼等主体工 程建设，公司持续优化生 ...

Group 1: Industrial Products - The report indicates a decline in industrial product prices, with the fundamental high-frequency index at 126.9 points, a slight increase from the previous value of 126.8 points, and a year-on-year increase of 5.3 points [3] Group 2: Agriculture, Forestry, Animal Husbandry, and Fishery - As of the end of Q2 2025, the heavy allocation of agricultural stocks was 1.36%, an increase of 0.37 percentage points from the previous quarter, but still below the industry average allocation by 0.14 percentage points [4] - Zhongchong Co., Ltd. reported a revenue of 2.43 billion yuan for H1 2025, a year-on-year increase of 24.3%, with a net profit of 203 million yuan, up 42.6% [5] - Domestic revenue for Zhongchong Co., Ltd. reached 860 million yuan in H1 2025, a 39% increase year-on-year, with significant growth in pet food and supplies [6] Group 3: Education - New Oriental's Q4 FY2025 results exceeded guidance, with a stable educational business foundation, although Q1 FY2026 guidance is conservative [10] - The forecast for Non-GAAP net profit for FY2026-2028 is 550 million, 608 million, and 647 million USD, reflecting growth rates of 6.2%, 10.8%, and 6.4% respectively [10] Group 4: Electric Equipment - CATL reported H1 2025 revenue of 178.9 billion yuan, a year-on-year increase of 7.3%, with a net profit of 30.5 billion yuan, up 33.3% [11] - The forecast for net profit for CATL from 2025 to 2027 is 66.42 billion, 80.15 billion, and 94.87 billion yuan, with growth rates of 30.9%, 20.7%, and 18.4% respectively [11] Group 5: Building Materials - Zaiseng Technology plans to acquire a 49% stake in Sichuan Maikelong, with a transaction value of 231 million yuan, aiming to enhance its competitive edge in the vacuum insulation panel (VIP) sector [12][13] - The acquisition is expected to streamline operations and improve efficiency, with Maikelong committing to annual revenues of at least 465 million, 560 million, and 648 million yuan for 2025-2027 [12][14] - The new national standards for refrigerators are anticipated to significantly boost the VIP market, with potential demand reaching up to 7,543 million square meters under optimal conditions [14]

Group 1 - The core stock price of Zai Sheng Technology as of August 5, 2025, is 4.65 yuan, reflecting a decrease of 1.27% from the previous trading day, with a trading volume of 343 million yuan [1] - Zai Sheng Technology's main business includes clean air materials, energy-efficient materials, and dust-free air conditioning products, operating in industries such as glass fiber and building energy efficiency [1] - On August 1, Zai Sheng Technology announced plans to acquire 49% equity in Sichuan Maikelong Vacuum New Materials Co., Ltd. for 231 million yuan, gaining control over the company, which is the second-largest manufacturer of vacuum insulation panels in China, with an assessed value increase rate of 346% [1] Group 2 - The acquisition includes performance commitment clauses, with a promise that cumulative revenue from 2025 to 2027 will not be less than 1.674 billion yuan, and cumulative net profit will not be less than 86.61 million yuan [1] - As of August 5, 2025, Zai Sheng Technology experienced a net outflow of main funds amounting to 62.14 million yuan, with a total net outflow of 90.56 million yuan over the past five days [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The acquisition of a 49% stake in Sichuan Maikelong is expected to enhance the company's competitiveness in the vacuum insulation panel (VIP) sector, creating a complete industrial chain from material production to market sales [1][3] - The new national standards for refrigerators are anticipated to significantly increase the demand for VIPs, with potential demand elasticity reaching up to 7,543 thousand square meters as penetration rates rise [2] - The acquisition is projected to optimize Maikelong's operational efficiency and expand its cost and scale advantages, contributing positively to the company's performance [2][3] Summary by Sections Acquisition Details - The company plans to acquire 49% of Maikelong for 231 million RMB, with performance guarantees for the next three years, including revenue targets of 4.65 billion RMB, 5.6 billion RMB, and 6.48 billion RMB for 2025-2027 [1] - If Maikelong meets at least 90% of the cumulative revenue and net profit targets, it will not be liable for performance compensation [1] Market Potential - The new national standards for refrigerators are expected to drive rapid growth in the VIP market, with significant increases in demand as the penetration of new energy-efficient refrigerators rises [2] - Maikelong is currently the second-largest VIP manufacturer in China, with a market share of 15.5%, and is expected to benefit from the acquisition through enhanced management and resource allocation [2] Financial Projections - The company forecasts net profits of 1 billion RMB, 1.4 billion RMB, and 1.7 billion RMB for 2025-2027, with corresponding P/E ratios of 50, 35, and 29 [3] - Revenue is projected to grow from 1.68 billion RMB in 2025 to 2.39 billion RMB in 2027, reflecting a compound annual growth rate [4]

Core Viewpoint - Chongqing Zai Sheng Technology plans to acquire 49% of Sichuan Maikelong Vacuum New Materials Co., Ltd. for 231 million RMB to enhance its market competitiveness in the energy-efficient sector [1] Group 1: Acquisition Details - The acquisition will be funded by the company's own capital, and the controlling rights of Maikelong will be transferred to Chongqing Zai Sheng, making it a subsidiary included in the consolidated financial statements [1] - Maikelong specializes in the research, production, and sales of vacuum insulation panels, with established applications in home appliances and new energy vehicles [1] Group 2: Financial Metrics - The transaction price is based on Maikelong's total equity value of 471 million RMB as of March 31, 2025, reflecting an increase of 366 million RMB, or a 346.18% appreciation over its book net asset value of 106 million RMB [2] - Maikelong is projected to achieve a net profit of approximately 27.06 million RMB in 2024 and 1.6 million RMB in the first quarter of 2025, with a net asset value of 106 million RMB as of the end of Q1 2025 [2] Group 3: Related Party Transactions - The transaction involves related parties, as the controlling shareholder of Chongqing Zai Sheng is the sister of Maikelong's controlling shareholder, leading to a situation of "joint investment with related parties" [2] - Expected related party transactions between Chongqing Zai Sheng and Maikelong are estimated at 346 million RMB for 2024 and 381 million RMB for 2025 [2] Group 4: Performance Commitments - The agreement includes performance guarantees, with Maikelong committing to achieve annual revenues of no less than 465 million RMB, 560 million RMB, and 648 million RMB for the years 2025, 2026, and 2027, respectively [4] - The cumulative net profit commitment for the three years is set at no less than 86.61 million RMB [4]

Group 1 - The company plans to acquire a 49% stake in Sichuan Maikelong Vacuum New Materials Co., Ltd. for a transaction price of RMB 231 million [1] - The actual controller of Maikelong, Mr. Yang Xingzhi, will delegate the voting rights of the remaining 17.6668% stake to the company, allowing it to gain control over Maikelong's board [1] - Maikelong specializes in the research, manufacturing, and sales of vacuum insulation panels, which have been effectively applied in the refrigerator and new energy vehicle sectors [1] Group 2 - The acquisition is expected to rapidly expand the company's industrial chain and enhance its market competitiveness in the energy-efficient sector [1]

Group 1 - The company plans to acquire a 49% stake in Sichuan Maikelong Vacuum New Materials Co., Ltd. from its controlling shareholder Yang Xingzhi for a transaction price of RMB 231 million [1] - Yang Xingzhi will delegate the voting rights associated with the remaining 17.6668% stake in Maikelong to the company, allowing it to gain control over the board of Maikelong [1] - Maikelong specializes in the research, manufacturing, and sales of vacuum insulation panels, which have been effectively applied in the refrigerator and new energy vehicle sectors, enhancing the company's market competitiveness in the energy efficiency field [1]